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According to a Reuters dispatch from Dubai, Saudi Arabia’s benchmark index edged 0.1 per cent higher on Sunday, helped by a 0.2 per cent rise in oil giant Saudi Aramco, even as regional markets showed minimal shifts overall. The kingdom is considering expanding capacity of its crude oil pipeline to the western Red Sea coast, five sources close to the matter said, enabling Saudi Arabia and possibly its neighbours to transport more oil without crossing the Strait of Hormuz. Gulf bourses subdued as US and Iran exchange strikes, the report noted, against a backdrop of heightened tensions that have disrupted shipping in key waterways.
A wave of strikes exchanged between the US and Iran over recent days prompted President Donald Trump to announce that their ceasefire was over, though he signalled that talks could still resume. The escalation followed several attacks on commercial vessels in the region. Iran stated it had shut the strait after firing a warning shot at a ship on an unauthorised route and on Sunday reported it had disabled a second vessel.
UNCTAD data shows the Strait of Hormuz carries around a quarter of global seaborne oil trade along with significant volumes of liquefied natural gas. The US Energy Information Administration placed average oil flows through the waterway at 20.9 million barrels per day in the first half of 2025, equivalent to about 20 per cent of global petroleum liquids consumption. These volumes underscore the strategic importance of alternative routes such as the proposed pipeline expansion.
Outside the Gulf, Egypt’s blue-chip index eased by 0.1 per cent, with Talaat Moustafa Group Holding down 0.6 per cent. Egypt’s central bank data showed the current account deficit more than doubled to $5.1 billion in the January-March quarter from $2.3 billion a year earlier. The figures reflect ongoing economic challenges in the country amid the regional developments.
Bahrain inched 0.1 per cent higher to close at 2,011 points while Oman added 0.1 per cent to finish at 7,652. Kuwait eased 0.1 per cent to end at 9,082 points, according to the same Reuters update. Investors appeared focused on the potential for further disruptions in energy markets stemming from the US-Iran exchanges.
